The Global COVID-19 outbreak has created an unprecedented challenge for businesses, with travel reductions and a general economic downturn has affected markets and our industry around the world. The Federal and Provincial Government have launched several financial support programs to assist individuals and businesses affected by COVID-19. In addition to these government programs, there are utility supports and deferral options, mortgage deferrals and access to credit through banks. Some things to consider:
- Use available booking data to estimate required level of operations
- Cash flow analysis
- Streamline operations to minimize running costs
- Identify critical business services and functions and resources required to maintain them.
- Do you have a 6-month financial recovery plan
- What supports and programs financially make sense for your business
Visit the Government of Canada’s COVID-19 economic response plan for detailed eligibility and program information. Visit the BC government’s COVID-19 Supports for Businesses for detailed eligibility and program information. Please visit our COVID-19 Resources and Programs for Tourism Operators to review the available COVID-19 resources and supports